The Financial Inclusion agenda in Nigeria has gained renewed momentum as the Central Bank of Nigeria (CBN) reaffirmed its dedication to expanding access to financial services through digital payment innovation. During the ‘CBN Fair,’ held at the Dome Event Centre in Calabar, the apex bank emphasized that building a digitally connected economy remains crucial to ensuring inclusive growth and national prosperity.
The event, themed “Promoting Alternative Payment Channels as Tools for Financial Inclusion, Growth, and Accelerated Economic Development,” gathered stakeholders from banking, technology, and business sectors. The atmosphere was both engaging and insightful as participants discussed the future of financial access, digital literacy, and economic empowerment in Nigeria.
Representatives of the CBN explained that the country’s economic advancement relies heavily on an inclusive financial system where technology bridges access gaps. They highlighted that digital payment systems such as mobile wallets, internet banking, and point-of-sale terminals empower individuals, small businesses, and communities to participate fully in the economy. By simplifying transactions and lowering costs, these innovations encourage savings, stimulate trade, and reduce reliance on cash.
Throughout the fair, CBN officials stressed that Financial Inclusion means more than opening bank accounts. It means enabling every Nigerian, regardless of location or social status, to benefit from secure and reliable digital payment solutions. These tools support daily transactions, promote financial literacy, and enhance trust between citizens and financial institutions.
The event featured interactive sessions that allowed attendees to ask questions and share experiences about using alternative payment platforms. Many participants from Calabar and surrounding regions expressed appreciation for the initiative, noting that digital finance has made business easier and safer. Small traders, farmers, and students described how online transfers and mobile banking have improved their lives and strengthened local economies.
CBN officials acknowledged that while progress is evident, challenges remain. Many Nigerians still hesitate to embrace digital payment systems due to mistrust, poor connectivity, or lack of awareness. Addressing these barriers remains central to the bank’s mission. Through education campaigns, partnerships with fintech firms, and continuous public engagement, the CBN aims to build confidence in electronic payment systems nationwide.
Transitioning from cash-based transactions to digital alternatives brings numerous benefits. It reduces theft, enhances transparency, and supports effective policy implementation. The CBN’s efforts align with Nigeria’s broader economic reform agenda, which prioritizes innovation, inclusion, and growth. By promoting alternative payment systems, the apex bank hopes to accelerate development and close the financial access gap that limits opportunities for millions.
Stakeholders at the fair emphasized that financial inclusion remains key to reducing poverty and empowering marginalized groups. Women, rural entrepreneurs, and youths stand to benefit the most from digital access, which enables them to participate more actively in the economy. This empowerment leads to stronger communities and a more resilient national economy.
CBN’s commitment to Financial Inclusion also reinforces its drive for a cashless society. The bank continues to invest in secure, transparent, and user-friendly digital infrastructure that ensures everyone can transact easily. It also collaborates with regulators and private sector partners to ensure compliance and efficiency in implementing these initiatives.
As the event concluded, optimism filled the room. Participants left inspired by the CBN’s unwavering vision of an inclusive, technology-driven economy where no Nigerian is left behind. Through consistency, collaboration, and innovation, the apex bank is not only transforming the payment landscape but also shaping a future where equal access and economic opportunity define national progress.
